NASHVILLE, TN - JUNE 21: (L to R) Paul Holmgren, first round draft pick (#24 overall) Mike Richards, Bob Clarke of the Philadelphia Flyers pose for a portrait on stage during the 2003 NHL Entry Draft at the Gaylord Entertainment Center on June 21, 2003 in Nashville, Tennessee. (Photo by Elsa/Getty Images/NHLI)

Philadelphia Flyers GM Paul Holmgren has announced on the team's official website that the Flyers will buyout the contract of goalie Ilya Bryzgalov.
"I met with Ilya this morning and informed him that we are going to exercise a compliance buyout of his contract," Holmgren said. "This was a very difficult business decision to make for us and we want to thank Ilya for his time here and wish him all the best moving forward."
The move comes on the heels of the Flyers buying out the final two years of forward Danny Briere's contract last week, a move that will shave $6.5 million off their salary cap. Briere will become an unrestricted free agent as part of Philadelphia's offseason shake-up of its high-priced roster that missed the playoffs last season.
Under NHL rules, teams have the option of two amnesty buyouts to terminate contracts before the start of the 2014-15 season.
The Associated Press contributed to this report.

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